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We're short

We're short | 12 June 2020

12 June 2020, GBP/USD

We're short

Technical observation

On the weekly chart above, price rose towards 1.3312-1.3386 but bounced around 1.2714. Currently GBP is trading with an increasing bearish momentum and I expect this week’s candle to close bearish. Next week I expect further bearish movement of this pair towards the supportive line 1.2073 followed by a clear breakout below it. My advice, if you sold GBP at the level 1.2714 after a bounce, remain short with your take profit at 1.2073 and stop loss at 1.3081. Price could plummet further if the level 1.2073 is clearly breached and there is pullback to it. Bullish movements can only be expected above the zone 1.3312-1.3386.

Trade recommendation

Remain short with your take profit at 1.2073.

Imelda Maseno
Analyst of «FreshForex» company
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